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The price of palm oil may drop for the first time in three years, according to financial analysts. Favorable weather that has increased supply and a worsening global economy that has lowered demand are key contributing factors. A price drop for the oil could ease increasing food costs, which rose 26% worldwide in the past year, according to the U.N.

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The price of palm oil is down 20% this year as Malaysia continues to increase its supply, which could mean lower commodity prices. Other crops are not as plentiful. "While palm oil inventory is currently ample, the supply of soybean oil and rapeseed oil is tight, providing some floor to the price," according to analysts at Maybank Investment Bank.